- The exchange’s users in Brazil currently access crypto services with credit cards.
- Pix has more than 140 million users.
Top US crypto exchange Coinbase has expanded its services in Brazil through a partnership with Pix, an instant payment application run by the country’s central bank, and payment service provider Ebanx.
Pix integration, enabled through the Ebanx partnership, would allow customers in the Latin American nation to deposit and withdraw funds from Coinbase accounts using the Brazilian Real, according to a March 21 announcement, which added that the step was part of a more extensive international expansion. Pix has more than 140 million users.
Coinbase’s Vice President of International and Business Development Nana Murugesan said: ‘‘Excited to announce Coinbase expansion in Brazil today! We are integrating with the Central Bank of Brazil’s Pix for seamless transactions, offering a fully-localized app and 24/7 support. We are also building for Brazil from our tech hub in Brazil.’’
Further, Murugesan said in the press release that the Coinbase app would be available to the locals in Portuguese with a round-the-clock support.
Debit And Credit Card Crypto Purchase Options
Coinbase users in Brazil can buy cryptocurrencies using debit or credit cards. The exchange established a technology hub in the country in 2019, hiring 40 full-time engineers and a country director.
Most recently, the publicly-listed crypto exchange engaged its institutional clients about plans to create a new crypto trading platform overseas, following a broader crackdown on digital assets in the US which saw two crypto banks, Silicon Valley Bank and Signature, closed by the authorities. Although the exchange is yet to disclose the destination abroad, Europe could be one of them.
Coinbase specifically cited the steps by the UK government to support digital assets that: ‘‘We want this country to be a global hub – the very best place in the world to start and scale crypto companies,’’ a statement made in April last year by the former Economic Secretary to the HM Treasury.
